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Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62 points BMX Company has one employee. FICA Social Security
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62 points BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,200 2,850 123,800 a. b. $1,600 2,950 9,700 c. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. a) Tax Tax Rate Amount 6.20% $ 99.20 FICASocial Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 23.20 FUTA 1.45% 0.60% 5.40% 4.80 SUTA 43.20 b) Tax Tax Rate September Earnings Subject to Tax 2,950.00 Tax Amount 6.20% $ 182.90 FICA-Social Security FICA-Medicare 2,950.00 1.45% 42.78 FUTA 0.00 X SUTA 0.00 Tax Tax Tax Rate Amount FICA-Social Security FICA-Medicare September Earnings Subject to Tax 0.00% 9,700.00 0 1.45% 140.65 FUTA SUTA Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount FICAMedicare FICASocial Security FUTA SUTA $ 0.00 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Answer is not complete. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) No Date General Journal Debit Credit Sep 30 0.00 X Payroll taxes expense FICASocial security taxes payable FICAMedicare taxes payable Federal unemployment taxes payable State unemployment taxes payable
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